The platform digitizes bank and credit card statements from all US financial institutions with over 99% accuracy. E-statements, originals, photocopies, faxes, and even documents with pen marks or coffee stains are all acceptable.

Medicaid Genius Powered by Ocrolus

Medicaid Genius, Powered by Ocrolus (www.medicaid-genius.com) eliminates the need to manually audit bank and credit statements. Users can instantly find transactions of any defined value and are automatically alerted of potentially missing statements and transfers between accounts. The system allows users to quickly detect all significant transactions and attach explanation notes instantly transcribing noteworthy events into a concise summary sheet. Every transaction is linked via SNAPSHOT to its precise location on the source document.

By reading and analyzing financial statements, Medicaid Genius quickly identifies significant transactions, a task that would otherwise require hours of labor. By making all transactions sortable and searchable by dollar amount, date range, and description, Medicaid-Genius gives users an unparalleled perspective on the applicant’s financial history.

Ocrolus developed this extraordinary solution which eliminates the need to review paper documents. The key metrics in these cases are speed, cost, and accuracy, all of which are optimized by leveraging proprietary Optical Character Recognition (OCR) transaction detection, data validation and reconciliation systems. A human performing the same job is more error-prone and takes eight times the duration at triple the expense. By automating the most tedious portions of bank and credit card statement analysis, Medicaid-Genius allows for lean best-practice work product.

The Deficit Reduction Act of 2005 extended the Medicaid lookback period to five years, i.e. each long-term care applicant must submit 60 months’ worth of financial statements. Due to time and manpower constraints, many states are unable to perform the federally mandated comprehensive 60-month financial audit. The cost of long-term care Medicaid is $10,000 per month, and the average long-term care Medicaid patient is enrolled for 2.5 years. Thus, one average long-term care Medicaid patient costs the government $300,000. With an increasing elderly population and influx of new applicants under the Affordable Care Act, the states are more overwhelmed with paper than ever.

Medicaid fraud is rampant and growing, and the only way to truly combat against it is to automate bank statement data analysis. If Medicaid-Genius unearths one fraudulent application for every 750,000 pages processed, the system has paid for itself.

For new users, the system is completely free to use for 250 pages. Thereafter the pricing starts at $0.40 per page. There are no additional fees; customers-pay only for actual usage. Follow Medicaid Genius on Twitter at @MedicaidGenius or contact the company at contact@medicaid-genius.com.